The global Data analytics software market size is projected to reach approximately USD 177.47 billion by 2030, at a CAGR of 14.2% from 2022 to 2030. The process of extracting significance and analyzing sets of data using scientific models, assumptions, and theories is known as data analytics. The classification, association, prediction, and clustering of data are all examples of data analytics. To draw inferences and detect diverse patterns, data analytics technologies and procedures process raw data, organize data, and model data. In the commercial sector, data analytics techniques are commonly employed to help businesses make better business decisions. The Data Analysis Software Market is quickly expanding as a result of the growing amount of data and the demand for data organization. Data analytics software aids in the interpretation and analysis of business data by continuously exploring and investigating historical business performance to generate decisive insights for business strategy. The data analytics software does predictive analysis to extract decision-making insights and inputs by applying statistical methodologies and tools to business performance data. It assists businesses in optimizing their operations and facilitating informed and strategic decision-making. It also aids in the discovery of patterns and linkages among data streams, and the automation of procedures and functions for real-time decision-making.
COVID-19 Impact Analysis
The pandemic had a positive impact on the data analysis market. As they accelerated their digital transformation programs and incorporated more business analytics use cases into their daily activities to stay afloat in an increasingly competitive market, enterprises improved their operational and marketing efficiency, saving both time and money. During the Pandemic, many businesses began to employ data analysis software to monitor their performance and keep track of their activities.
The rise in adoption of data analytics software by many businesses, the surge in demand for cloud-based analytics software among SMEs, and the numerous benefits provided by data analytics solutions are driving the growth of the global Data Analysis Software Market. Budget constraints in small and medium-sized organizations to provide effective data warehousing, and a lack of skilled labour, may hamper the growth of the market throughout the forecast period. Emerging trends such as social media analytics and text analytics, on the other hand, are expected to provide numerous opportunities for market growth during the forecast period.
Ø The surge in demand for cloud-based analytics software
Data analytics software is an essential tool for companies that want to stay ahead of the competition. This surge in demand proves that even small businesses need access to cloud-based data analytics software to thrive in the economy. A smart business will leverage data analytics software to improve efficiency, increase sales, and gain a competitive edge over its rivals. Cloud-based business analytics software makes it easy for small businesses to join the ranks of leading enterprises by maximizing their productivity, visibility, and efficiency.
- lack of skilled labour
The global data analytics market is quickly growing as businesses look to improve their operational efficiency and customer experiences. Data analysis helps companies access, process, and make sense of large amounts of data efficiently. However, there is a lack of skilled labour in the market, which has been hindering productivity growth.
Global Data analytics software Opportunity:
- Emerging trends
There are a variety of emerging trends that are impacting the market for data analytics. Social media analytics, text analytics, and analytics in general. The demand for data analysts is increasing rapidly as more industries recognize the value of data. and it’s potential to drive innovation and improve business. The advancements in technology are providing numerous opportunities for the data analysis market to grow its businesses. Social media analytics is the most important trend for marketers during the forecast period as it helps them understand how their brand interacts with customers and what messages resonate with their audiences. Text analytics is another trend that gives marketers a chance to see how their brand’s content performs online, and which keywords are used to search for their brand.
Based on Type, the Data analytics software market is segmented based Linux, Windows, Mac OS, Android, and IOS. The Linux segment is used operating system in data analytics software because of its highly efficient compute power and self-sustaining structure. This operating system has a flexible ecosystem that enables companies to use the software without any restrictions.
Based on Deployment, the global Data analytics software market has been divided into On-premise, Cloud-based. The Cloud-based segment is expected to dominate the Data analytics software market as a result of factors such as increased use of business analytics software by many enterprises, a surge in demand for cloud-based business analytics software among SMEs, and the numerous benefits provided by data analytics solutions.
Based on Application, the global Data analytics software market has been divided into SMEs, Large Enterprises, Other. The large enterprises segment is expected to dominate the Data analytics software market because Data analytics software and procedures convert raw data, organize data, and model data to draw conclusions and find various patterns. Data analytics techniques are frequently employed in large enterprises to help businesses make better business decisions.
By region, the global Data analytics software market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America is projected to dominate the use of the Data analytics software market followed by the Asia-Pacific and Europe regions.
North America Market
North America is expected to have the largest share of the Data analytics software market because of the high adoption of sophisticated technologies, and the existence of significant players, which are anticipated to provide opportunities for the market.
During the projection period, Asia-Pacific is expected to increase at a CAGR of 3.3%. This region has witnessed an increase in demand for data analysis in recent years as a result of its rapid growth and the number of internet users in this region. Large Asian countries such as India and China, are predicted to develop during the forecast period. Data analysis is a crucial tool for these countries because it allows them to see how society is changing as a result of rising urbanization, economic growth, and a greater need for data-driven decision-making.
The market encompasses tier-1, tier-2, and local players. The Tier-1 and tier-2 players have a global footprint and varied product ranges. Companies such as Amazon Web Services Inc, IBM Corporation, Microsoft, Oracle, SAP, and Tableau Software dominate the global Data analytics software market due to strategic developments and diversified regional presence. The players are adopting various strategies, such as expansion, product launches, and partnerships, to strengthen their market position and capture a large customer base.
- Amazon Web Services Inc
- IBM Corporation
- Tableau Software
- Zoho Corporation Pvt Ltd
- SiSense Inc
- ThoughtSpot Inc
- Mu Sigma
- Looker Data Sciences Inc
- Datameer Inc
- Alteryx Inc
- Dell Inc
- SAS Institute Inc
In January 2022, IBM announced the acquisition of Envizi a leading data and analytics software provider for environmental performance management.
In December 2019, Oracle announced the availability of Pre-Packaged data Analytics for applications. Businesses employ fusion cloud enterprise resource planning systems to handle their financial processes, and the new bundle is geared for them.
Scope of the Report
Global Data analytics software Market, by Type
- Mac OS
Global Data analytics software Market, by Deployment
Global Data analytics software Market, by Application
- Large Enterprises
Global Data analytics software Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
|Market Size||2030: USD 177.47 Billion|
|CAGR||14.2% CAGR (2022-2030)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segmentations||Type, Deployment, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, Middle East, Africa|
|Key Vendors||Amazon Web Services Inc, IBM Corporation, Microsoft, Oracle, SAP, Tableau Software, Zoho Corporation Pvt Ltd, SiSense Inc, ThoughtSpot Inc, Mu Sigma, Looker Data Sciences Inc, Datameer Inc, Alteryx Inc, Dell Inc, SAS Institute Inc.|
|Key Market Opportunities||Emerging trends such as social media analytics and text analytics|
|Key Market Drivers||The surge in demand for cloud-based business analytics software|
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Data analytics software market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Data analytics software market historical market size for year 2020, and forecast from 2021 to 2028
- Data analytics software market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Data analytics software market affected by the pandemic
- To provide a detailed insight on the major companies operating in the market. The profiling will include the financial health of the company past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Data Analytics FAQs
- What is the study period of this market?
- The study period of global Data analytics software market is 2020 – 2030
- What is the growth rate of global Data analytics software market?
- The global Data analytics software market is growing at a CAGR of ~ 2% over the next 7 years
- Which region has highest growth rate in global Data analytics software market?
- Asia Pacific is expected to register the highest CAGR during 2022 – 2030
- Which region has the largest share in global Data analytics software market?
- North America holds the largest share in 2021
- Who are the key players in global Data analytics software market?
- Amazon Web Services Inc, IBM Corporation, Microsoft, Oracle, SAP, and Tableau Software are the major companies operating in the global Data analytics software market.
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